CIS Compliance

24th September 2014

Proposals to Reduce the CIS Tax Compliance Burden on Construction Sector.
The Chartered Institute of Taxation (CIOT) has published its response to HMRC’s proposals to introduce mandatory online CIS filing for contractors, amend the gross payment status turnover and compliance tests and improve the sub-contractor verification process. It welcomes the proposals aimed at reducing the burdens on the construction sector, which it says tends to get a ‘worse deal from the tax system than any other trade’, with ‘more reporting, more potential to suffer penalties and a higher level of compliance expected than any other group.’

  1. It also agrees that online filing should be the default option for CIS returns, although this should be subject to safeguards.
  2. In addition, it welcomes proposals to:
    • •reduce the number of compliance tests;
    • introduce an online appeal system and remove the statutory obligation to file a ‘nil return’;
    • develop an integrated online account;
    • improve the online verification service, although it does not agree with mandating online verification as the sole means of verifying a sub-contractor’s status.


 
Other items in Blogs
 
Barbara Nicholas
1st November 2019 Brexit halts Budget

With all the uncertainty over Brexit, we waited a long time to learn the date of Sajid Javid’s first Budget.   Finally we learnt this was to take place on 6th November, amid great excitement at muted suggestions about the possible abolition of Inheritance Tax and radical changes to stamp duty.   The bubble has…

Read More »

Vanessa Pearson
28th October 2019 Off-Payroll Worker Tax Rules: Be prepared!

Knowledge based contractors working in the private sector will hopefully now be well aware that, subject to any possible Government last minute change of heart, new tax rules are coming next April. For many, who are not currently following IR35 rules, this will mean a large increase in the tax they pay; perhaps tens of…

Read More »

Matilda Mawson
24th October 2019 I’ve got 99 Problems but my Tax Return isn’t 1!

There are now only 99 days before the tax return filing deadline of 31 January 2020. Do not delay – file it today! Not sure if you need to file a tax return? HMRC have a questionnaire that only takes a few minutes and will check whether any of your income or gains will require…

Read More »

Jeannette Hume
24th October 2019 R&D Tax Claims: HMRC finally go-digital.

In February 2019 HMRC introduced an online tool to submit Research & Development tax relief claims (both SME and RDEC claims). It is still necessary to make the claim on a company tax return (form CT600), but the accompanying detailed R&D project information can (but does not have to) now be submitted by completion of…

Read More »

Ruth Pearson
17th October 2019 Is it too early to talk about Christmas!

In December 2018 HMRC wrote to employers to advise of a temporary easement on reporting PAYE information in real time. This was for a number of reasons, one of which could be due to businesses closing over the Christmas period and therefore having to pay staff earlier than normal.   HMRC have received feedback from…

Read More »

Chris Kelly
8th October 2019 Whiting & Partners advises Lettings Agency on finding its new Home

Whiting & Partners, The Corporate Finance Network’s representative firm in Suffolk has advised a well-established lettings agent on its sale to a national group.   The Whiting & Partners Corporate Finance team were approached by their client when they decided to explore opportunities to sell their agency. The team, led by Corporate Finance Partner, Chris…

Read More »